Answered step by step
Verified Expert Solution
Question
1 Approved Answer
According to Strategic Vision, the average age of Mercedes buyers in the US is 54 years old. Assume that the standard deviation for the age
According to Strategic Vision, the average age of Mercedes buyers in the US is 54 years old. Assume that the standard deviation for the age of these buyers is 8.5 years. A random sample of 38 mercedes buyers was selected. It was estimated, based on the selected sample, that there is a 92.65% chance that the avenge age in the sample will fall below a certain value. Compute the value of that age below which there would be about 92.65% of the buyers in the selected sample.
ReplyForward |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started